Ingevity (NYSE:NGVT) Upgraded to Buy at StockNews.com

Ingevity (NYSE:NGVT) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Friday.

Separately, BMO Capital Markets raised Ingevity from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $62.00 to $65.00 in a research report on Wednesday, February 26th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Ingevity presently has an average rating of “Moderate Buy” and a consensus target price of $55.17.

Ingevity Stock Performance

Shares of NYSE NGVT opened at $31.37 on Friday. The stock’s fifty day simple moving average is $44.11 and its 200 day simple moving average is $42.54. The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of -2.65 and a beta of 1.52. The company has a quick ratio of 1.04, a current ratio of 1.87 and a debt-to-equity ratio of 6.86. Ingevity has a 52-week low of $30.13 and a 52-week high of $56.30.

Ingevity (NYSE:NGVT) last posted its quarterly earnings data on Tuesday, February 18th. The company reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.66. Ingevity had a positive return on equity of 41.44% and a negative net margin of 30.60%. The firm had revenue of $298.80 million for the quarter, compared to the consensus estimate of $297.40 million. As a group, sell-side analysts forecast that Ingevity will post 4.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ingevity

Hedge funds have recently bought and sold shares of the business. Maple Rock Capital Partners Inc. bought a new stake in shares of Ingevity during the 4th quarter worth about $17,515,000. American Century Companies Inc. raised its position in shares of Ingevity by 37.7% in the fourth quarter. American Century Companies Inc. now owns 1,457,365 shares of the company’s stock valued at $59,388,000 after purchasing an additional 398,800 shares during the period. Vision One Management Partners LP lifted its stake in shares of Ingevity by 265.0% in the fourth quarter. Vision One Management Partners LP now owns 410,678 shares of the company’s stock worth $16,735,000 after buying an additional 298,157 shares during the last quarter. Royce & Associates LP boosted its holdings in shares of Ingevity by 22.4% during the 4th quarter. Royce & Associates LP now owns 1,142,598 shares of the company’s stock worth $46,561,000 after buying an additional 208,921 shares during the period. Finally, State Street Corp grew its stake in Ingevity by 14.7% in the 3rd quarter. State Street Corp now owns 1,546,957 shares of the company’s stock valued at $60,331,000 after buying an additional 198,300 shares during the last quarter. 91.59% of the stock is owned by institutional investors and hedge funds.

About Ingevity

Ingevity Corporation manufactures and sells activated carbon products, derivative specialty chemicals, and engineered polymers in North America, the Asia Pacific, Europe, the Middle East, Africa, and South America. It operates through three segments: Performance Materials, Performance Chemicals, and Advanced Polymer Technologies.